11th Mar 2020 12:02
(Alliance News) - Scottish housebuilder Springfield Properties PLC said Wednesday it has secured a development agreement with West of Scotland Housing Association, worth GBP18.2 million.
Under the agreement, Springfield will deliver 114 homes for the association, comprising one-to-five bedroom social rented and mid-market rent homes.
The company also will develop two commercial units and provision of play areas. The development will be jointly funded by Glasgow City Council and private finance provided by WHSA lenders.
The homes and units will be developed in Dalmarnock, Glasgow, and is part of the Clyde Gateway project.
The Clybe Gateway programme is a partnership between Glasgow City Council, South Lanarkshire Council and Scottish Enterprise for the development of 10,000 new homes over a 20-year period to 2028.
Planning consent is already in place, and Springfield expects to start construction in March and to complete handovers by the end of its 2022 financial year.
The 2.2 hectare development has planning consent for 237 homes, and Springfield is in negotiation for the provision of the second phase of 123 homes with another provider.
"This is another great contract for Springfield that strengthens our revenue visibility over the next two years. We are also proud to be contributing to the Clyde Gateway regeneration, which is an important programme to stimulate growth in this area in the West of Scotland as well as provide much needed additional housing in Glasgow," said Chief Executive Officer Innes Smith.
Shares in Springfield Properties were up 2.0% at 129.00 pence on Wednesday in London.
By Dayo Laniyan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Springfield Pr.